SHORT-LISTED FOR THE FINANCIAL TIMES BUSINESS BOOK OF THE YEAR
The Wall Street Journal's award-winning business reporter unveils
the bizarre and sinister story of how a math genius named Tom Hayes, a
handful of outrageous confederates, and a deeply corrupt banking system
ignited one of the greatest financial scandals in history. The paperback
edition includes a new chapter discussing further fallout from the
scandal.
In 2006, an oddball group of bankers, traders and brokers from some of
the world's largest financial institutions made a startling realization:
Libor--the London interbank offered rate, which determines interest
rates on trillions in loans worldwide--was set daily by a small group of
easily manipulated functionaries. Tom Hayes, a brilliant but troubled
mathematician, became the lynchpin of shadowy team that used hook and
crook to take over the process and set rates that made them a fortune,
no matter the cost to others. Among the motley crew was a French trader
nicknamed "Gollum"; the broker "Abbo," who liked to publicly strip naked
when drinking; a Kazakh chicken farmer turned something short of
financial whiz kid; an executive called "Clumpy" because of his
patchwork hair loss; and a broker uncreatively nicknamed "Big Nose."
Eventually known as the "Spider Network," Hayes's circle generated
untold riches --until it all unraveled in spectacularly vicious,
backstabbing fashion.
Praised as reading *"*like a fast-paced John le Carré thriller" (New
York Times), "compelling" (Washington Post) and "jaw-dropping"
(Financial Times), The Spider Network is not only a rollicking
account of the scam, but a provocative examination of a financial system
that was warped and shady throughout.
